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Secondary Market: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Settled doctrine High confidence 76 rulings · 2014–2026

Current position

The transfer of securities is exempt from IVA (Value Added Tax) and ITPAJD (Transfer Tax on Property Transfers and Legal Acts), unless there is an attempt to evade the tax on the transfer of the entity's real estate. In cases involving real estate used for economic activity, the presumptions of evasion do not apply, and the Administration must prove the fraudulent intent. The exemption is lost if the intent to evade is demonstrated, with mining rights being considered real estate.

The DGT's position remains constant in recognizing the exemption on the transfer of securities. The evolution focuses on precision regarding the burden of proof, clarifying that the Administration must prove the intent to evade when the real estate is used for an economic activity, ruling out automatic presumptions in such cases.

Turning points

  1. V2189-16

    Establishes that obtaining control of the entity is not an essential requirement for the exception for intent to evade to apply.

  2. V0761-18

    Determines that if the real estate is used for business activity, the presumptions of evasion under article 314 of the LMV do not apply and the Administration must prove the intent.

Analysis based on 69 of 76 rulings with a stated position. Updated 23 September 2026.

Rulings on this topic

24
V2207-24 14 Oct 2024

Sale of company shares may be VAT exempt or not subject to tax

SG de Impuestos sobre el Consumo
transmisión de participacionesexenciónunidad económica autónomaelusión fiscalmercado secundario LIVA — Ley 37/1992 del IVA art. 4LIVA — Ley 37/1992 del IVA art. 5
Affects CompanyExpat · Non-residentIndividual
V2573-22 20 Dec 2022

Transfer of shares exempt from ITPAJD or VAT if no avoidance motive exists

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
transmisión de valoresánimo de elusiónmercado secundarioexenciónpatrimonio empresarial TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 7TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 45.I.B).9
Affects CompanyExpat · Non-residentIndividual
V1264-21 6 May 2021

Acquisition of company shares may be exempt from ITPAJD and VAT

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
transmisión de valoresmercado secundarioánimo de elusiónpatrimonio empresarialexención TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 7TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 10
Affects CompanyExpat · Non-residentIndividual

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